California Oil & Gas (fka COGC)

[downsideup]

COGC are no longer partners in the East Slopes project, with the loss of their interest occurring in two steps.

COGC was the operator in the East Slopes, partnered with DBRM and Chevron, and COGC was also partnered with DBRM in the Krotz Springs project where DBRM was operator. The Krotz Springs project had cash calls for meeting the cost of development in that effort that COGC was unable to meet. DBRM eventually moved to enforce the unmet COGC obligations that they had had to cover for them to sustain the DBRM interest as operator in the Krotz Springs...

http://www.sec.gov/Archives/edgar/data/1164256/000120095209000031/dbrm_10q-81130.htm#part2item1

In the result, COGC lost their Krotz Springs interest, and a portion of their East Slopes related positions, in the Dyer Creek and S.E. Edison prospect areas:

http://www.sec.gov/Archives/edgar/data/1164256/000120095209000220/dbrm_10k-90228.htm#item3

Subsequently, or in parallel, COGC was also unable to meet its financial obligations as operators in the East Slopes project, with the result that DBRM eventually was appointed to replace COGC as operator in the East Slopes, and DBRM was required to assume responsibility for paying something over $1 million in COGC's accrued and unpaid obligations tied to their problematic effort in operation of the East Slopes project.

In that result, COGC's remaining interests in the East Slopes project were turned over to DBRM as the new operator in partial payment of their unmet East Slopes obligations, and those returned East Slopes interests were then re-vended by DBRM to new participants, as described here:

http://www.sec.gov/Archives/edgar/data/1164256/000120095209000258/dbrm_8k-90616.htm

In the result, DBRM ended up as operator for the East Slopes project in the AMI with Chevron, while getting stuck with COGC's unpaid bills re their East Slopes operations effort. COGC's former interest in the East Slopes was then transferred to others, enabling a partial reimbursement of the large cash outlay that DBRM had imposed on them with the obligation to pay off those unmet COGC obligations.

The former COGC interest is now held by private investors, O&G Energy Partners, LLC and their partner, San Joaquin Investments, Inc.

That leaves DBRM and Chevron as the only publicly traded options allowing investors to participate in the development of the East Slopes project... with DBRM obviously being the only pure play.

GLTA